Prime Minister Stanley Baldwin betook his homespun, sterling self to Manchester, last week, and spoke words of chastening counsel. Addressing a potent luncheon group of Lancashire cotton tycoons he pointedly intimated that the capital structures of many of their firms are topheavy and must be scaled down. As he often does, Mr. Baldwin took his text from the iron & steel industry which is the basis of his family fortune, and spoke with a certain rugged candor thus: "I am going with my own trade, the steel trade, through deep waters. Most of what I had was in that industry, and...
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